Palm Beach County Florida Real Estate Market Update November 2022 - Boca Raton Area Real Estate Market Shifting - Michael Friedman Mike In Boca

 

December 27, 2022

Palm Beach County FL Housing November 2022

What Could I Do For You?


The Palm Beach Florida housing market was showing signs of slowing down during November 2022 after a robust first half of the year. 

Total homes sold were down about 38% for single family homes and around 44% for townhomes / condos during November 2022 when compared with the previous year. 

The months of supply increased to 3.3 and 2.8 for single family homes and townhomes/condos, respectively, in November 2022; this showed year-over-year increase of 175% and 133%, respectively. 

The time it took for homes to sell just about doubled to about 30 days during November 2022 over the previous year. 

Nonetheless, home prices continued to show year-over-year growth in November 2022 with single family home and townhome/condo prices increasing almost 11%. 

The median single family home sold for $565,000 and the median townhome/condo sold for $291,000 in November 2022.

This means home sellers in our local Florida area need to realize the market is slowing and it is taking a bit more time for home buyers to look over the increased inventory levels. 

Buyers in our market need to be aware that recent home sale prices are still showing year-over-year increases in the low-double digits and should not expect to encounter “desperate” home sellers in our market. 

Home sales and home purchases typically entail one of your biggest assets and you need to work with an aggressive real estate professional in order to maximize your home investment. 

To schedule time on my calendar CLICK

Michael Friedman

Realtor, Broker-Associate

eXp Realty


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